Oil And Lubes: "By the end of this decade, the lubricant supply chain in the country will be further strengthened with an increased domestic supply of base oils due to new capacity additions by national oil companies," Milind Phadke, Vice President, Kline & Co was quoted as saying in a statement.
According to Kline’s ‘Global Lubricants 2022: Market Analysis and Assessment’s report, India’s lubricant market will grow at a CAGR of 3% through 2027. Among the top five major lubricants-consuming countries, India is the only one with strong lubricant demand growth potential. In contrast, other markets such as the United States, China, Japan, and Russia are likely to witness a decline or slowdown in lubricant demand growth.